HashKey Exchange Launches App for Retail Trading in Hong Kong
HashKey Exchange, a cryptocurrency exchange based in Asia and operating in Hong Kong, has officially launched its app for retail trading. The Securities and Futures Commission has approved the app, which will serve both professional investors and retail users. This launch follows the exchange’s introduction of retail trading services on its website in August. HashKey has seen significant trading volume since expanding to retail users, with daily trading volume reaching over $100 million on October 30. The app is crucial for a retail trading platform, as approximately 85% of users trade via mobile apps.
Stringent Supervision by the SFC
The Securities and Futures Commission has adopted a more stringent approach to overseeing crypto exchanges after the alleged fraud scandal involving JPEX crypto exchange. The SFC recently updated its regulatory framework with additional investor protection measures. Since July, the SFC has been reviewing HashKey’s app and the company has submitted multiple rounds of supplementary materials for the review.
HSK Token Minting
HashKey plans to mint its own ERC-20 utility token called HSK. The token will incentivize contributors within HashKey’s ecosystem to fuel its growth. The exchange intends to mint a total of 1 billion HSK tokens, allocating 65% for ecosystem growth, 30% for staff incentives, and 5% for the company’s insurance vault. Listing of HSK may not occur until mid-next year.
Exploring Real-World Asset Tokenization
HashKey is also exploring real-world asset tokenization (RWA) as discussions around this new asset class gain traction. Licensed exchanges are becoming important for effective RWA, and HashKey is licensed to issue and trade security tokens in Hong Kong. The company is currently in talks with the SFC regarding two significant RWA cases that could have a major impact on the market.
Hot Take: HashKey Exchange Expands Retail Trading Services with App Launch
HashKey Exchange has taken a significant step towards expanding its presence in Hong Kong by launching its app for retail trading. With approval from the Securities and Futures Commission, the exchange now caters to both professional investors and retail users. The app has become essential for running a retail trading platform, as most users prefer to trade via mobile apps. HashKey’s focus on stringent supervision and compliance with regulatory frameworks demonstrates its commitment to providing a secure and reliable trading environment. Additionally, the exchange’s plans for minting its own token and exploring real-world asset tokenization indicate its ambition to drive innovation in the cryptocurrency industry.
By
By
By
By
By
By